POST UTME UI 2023 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A consumer's utility function is given by U = 2x + 3y. If the consumer's income is ₦100 and the prices of x and y are ₦20 and ₦30 respectively, find the consumer's optimal bundle of x and y.
Question 2
A farmer is considering two different irrigation systems for her farm. System A \costs ₦100,000 and has a 10% chance of failure, while System B \costs ₦150,000 and has a 5% chance of failure. What is the expected value of the \cost of each system?
Question 3
A country's government budget is given by B = T + G, where T is tax revenue and G is government sp\ending. If T = $50 billion and G = $30 billion, what is the budget balance?
Question 4
Consider a firm operating in a perfectly competitive market with a given production function Q = 2L^0.5K^0.5. If the price of the good is P = 10, and the wage rate is W = 5, what is the optimal level of labor (L) that the firm should employ, given that the firm's objective is to maximize profits?
Question 5
A monopolistically competitive firm is producing a good with a demand curve given by Q = 100 - 2P and a \cost function C(Q) = 2Q^2 + 10Q. What is the firm's profit-maximizing price?
Question 6
A country's balance of payments is given by the following table:\n\n| Category | 2020 | 2021 | 2022 |\n| --- | --- | --- | --- |\n| Exports | 100 | 120 | 140 |\n| Imports | 80 | 100 | 120 |\n| Net Factor Income | 10 | 15 | 20 |\n| Net Transfer | 5 | 10 | 15 |\n| Balance of Payments | ? | ? | ? |\n\nWhat is the balance of payments for 2022?
Question 7
A firm's demand function is given by Qd = 100 - 2P, and its supply function is Qs = 2P - 10. If the market equilibrium price is $5, what is the quantity demanded?
Question 8
The government of Nigeria has introduced a new tax policy aimed at increa\sing revenue from the agricultural sector. The policy requires farmers to pay a 10% tax on their annual income. If a farmer's annual income is ₦500,000, how much tax will they pay?
Question 9
A country's export supply function is given by X = 100 + 2P - 3Y, where X is exports, P is price, and Y is income. If the price and income are increased by 10% and 5% respectively, what is the percentage change in exports?
Question 10
A monopolist is producing a good with a demand curve given by Q = 100 - 2P and a \cost function C(Q) = 2Q^2 + 10Q. What is the firm's profit-maximizing quantity?
Question 11
A country's GDP is ₦100 billion, its imports are ₦20 billion, and its net factor income from abroad is ₦10 billion. Calculate the country's GNP.
Question 12
A firm's elasticity of demand is given by E = -2. If the price of the good increases by 10%, what is the percentage change in quantity demanded?
Question 13
A government is considering implementing a new policy to reduce inflation. The policy involves reducing the money supply by 10%. If the current inflation rate is 5%, what is the expected impact on the inflation rate after the policy is implemented?
Question 14
A monopolist is producing a good with a demand curve given by Q = 100 - 2P and a \cost function C(Q) = 2Q^2 + 10Q. What is the firm's profit-maximizing quantity?
Question 15
A consumer faces the following budget constraint: 2x + 3y = 12. If the consumer's utility function is given by U(x,y) = 2x + y, what is the consumer's optimal bundle of x and y?
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.
Unlock Full Access
Available for Android & Windows